Madam Speaker, first, I would like to thank all my colleagues for allowing my colleague from Regina—Qu'Appelle to table a petition. It was a very nice gesture with Christmas just around the corner. I would like to say that we are really in the spirit of Christmas. It really shone through in the last speech that we heard. However, this evening, I am a bit torn between the happiness I feel about going back to my riding for Christmas and the sadness I feel at having to react to the speech that my colleague before me gave with regard to the passing of Bill C-29 today.
He said himself that Bill C-29 is something that Canadians will remember. Unfortunately, yes, young Canadians will remember this bill when they have to pay off the $100-billion deficit that Bill C-29 will leave them. They will remember a $100-billion deficit for a long time to come.
That is why I cannot share my colleague's enthusiasm for the Christmas spirit that he did such a fine job of expressing.
Let us come back to the very important bill before us, Bill S-4, an act to implement a convention and an arrangement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and to amend an act in respect of a similar agreement.
I want to highlight the work that our critic, the member for Louis-Saint-Laurent has done on this file. To most Canadians, tax agreements are pretty abstract. Here in Ottawa, we talk about issues that may or may not be interesting, but tax agreements and free trade agreements between different countries create jobs for Canadians. They create jobs for young Canadians. That is important because the market is now global. We have to acknowledge the tremendous work that all members of the House have done in recent years to sign more and more free trade agreements under the leadership of our former prime minister, Stephen Harper.
We have free trade agreements with Europe, Peru, Colombia, Jordan, Panama, Honduras, and South Korea. Under the previous government, we signed other major free trade agreements with Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, the United Kingdom, Slovakia, Slovenia, Spain, and Sweden. Santa Claus will be visiting all of those countries in just a few days. I am sure that he will be bringing the children in those countries gifts that may have been made here in Canada. Why? Because free trade agreements enable Canadian companies, perhaps with the help of Santa Claus, to export their products to other countries. That is the good thing about free trade agreements.
Regarding our relationship with Israel, when it comes to trade, I would remind the House that in 1996, trade between Canada and Israel was worth only $507 million. In 2012, it totalled $1.4 billion. Bill S-4 will mean that companies will not have to pay taxes in both countries if they are doing business in both countries. If we do not want to stand in the way of those companies, stand in the way of increased investments and trade with Israel, it is important to create an environment that facilitates trade and, above all, does not penalize them.
I wanted to read a passage from the press release issued at the time by the former prime minister, Mr. Harper, on the advantages of signing and improving free trade agreements, particularly with Israel. Unfortunately, all of Mr. Harper's press releases have been removed from the Global Affairs Canada website by the current government. I cannot read it, but I certainly share Mr. Harper's intention at the time, which was to sign agreements and make sure that Canadians benefit as much as possible.